The Facts About Medicaid And Life Insurance

Updated: February 23, 2019 at 2:48 am

medicaid and life insuranceMedicaid and life insurance. These aren’t like peas and carrots. More like oil and water! You may have heard different information about Medicaid eligibility and life insurance. In this article, we dispel the inaccuracies and tell you what you need to know about how Medicaid works with life insurance. More specifically, how Medicaid eligibility for nursing home affects life insurance you own. The quick answer: it really depends. Read on to learn how Medicaid and life insurance interact with one another. We will also answer how Medicaid, nursing homes, and life insurance all play a part. Finally, we give you options for your life insurance policy if faced with a Medicaid spend down situation.

But first, we discuss Medicaid basics and eligibility. This is important so you can see how life insurance ownership affects your Medicaid eligibility.

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The #1 Reason Why Massachusetts Residents Need A Traditional Long-Term Care Insurance Policy

Updated: November 10, 2017 at 11:19 am

Nurse Helping Patient In Using WalkerIf you live in Massachusetts, you probably heard that assisted living and long-term care needs are expensive in the state. That is true. According to Genworth’s cost of living study, the average monthly assisted living and nursing home cost in Massachusetts is $5,599 and $11,710, respectively. You may think you will just let MassHealth pay for your long-term care needs. If you do that, you are setting yourself and your family up for potential financial disaster (in our opinion). In this article, we discuss the #1 reason why Massachusetts residents need a traditional long-term care insurance policy. Continue reading The #1 Reason Why Massachusetts Residents Need A Traditional Long-Term Care Insurance Policy

Long-Term Care Insurance Tax Advantages For The Self-Employed

Updated: November 8, 2017 at 9:56 pm

Traditional long-term care insurance has had a bad rap these days. It seems like everyone knows premiums have increased through the roof. (FYI – they have stabilized.) Moreover, people don’t like the “use-it-or-lose-it” stigma associated with traditional long-term care insurance. We understand. As we have discussed, you will probably need some type of long-term care in your future. So, what will you do? If you are self-employed, you have significant tax advantages of purchasing traditional long-term care insurance. In this article, we discuss several long-term care insurance tax advantages for the self-employed. Continue reading Long-Term Care Insurance Tax Advantages For The Self-Employed

Review Of NGL AssetGuard and Funeral Expense Trust: A Unique Combination

Updated: September 1, 2017 at 1:03 pm

When a person is searching for the right final expense or burial insurance, sometimes the breadth of carriers and products makes the process confusing and intimidating. The person becomes frustrated. Then he or she stops this important coverage altogether, leaving his or her family exposed to a potential financial burden. In the article, we offer a review of NGL AssetGuard as well as the NGL Funeral Expense Trust. The combination of the two creates a powerful combination of paying for your funeral expenses as well as protecting one’s assets against nursing home costs.

In our opinion, this insurance could be the easiest and most efficient final expense or burial insurance policy that we have worked with. One caveat: it is hard to compare this to a traditional final expense insurance policy. We will explain why. Continue reading Review Of NGL AssetGuard and Funeral Expense Trust: A Unique Combination

How To Protect Assets From Nursing Home Costs [Using A Trust]

Updated: March 14, 2020 at 5:02 pm

protect assets from nursing home costsHow to protect assets from nursing home costs is on the top of people’s minds.

In a study administered by the Associated Press and the NORC Center for Public Research, about 70% of survey respondents (1,019 in total respondents) stated they were worried about having to pay for these services. With the growing costs of these services, no wonder why.

Additionally, the average annual cost of skilled nursing care for a semi-private room is going through the roof. Add to the fact that the Department of Health and Human Services state that 7 out of 10 people over age 65 will experience a long-term care event at some point during the rest of their lifetime, no wonder people are uneasy.

Most individuals and families wonder how to protect assets from nursing home costs. Do you share the same feelings?

In this article, we discuss who pays for nursing home costs and alternatives to protect your assets from nursing home costs, namely using a trust.

Continue reading How To Protect Assets From Nursing Home Costs [Using A Trust]